SEC Overturns Regulatory Sanction – GuruFocus.com
SAN DIEGO, Calif./ACCESSWIRE/June 22, 2022/ Plandai Biotechnology Inc. (OTC PINK: PLPL) (the “Company”) announced today that the United States Securities and Exchange Commission has waived civil penalties and interest totaling approximately $200,000 related to the the Commission in 2018 against the Company and its former Chairman and CEO, Mr. Roger Duffield.
Tad Mailander, CEO and Director of the company, said: “I am pleased to announce that the Commission has canceled the fine and unpaid interest imposed on the company as a result of this action. Over the past two years, the company has worked diligently to resolve its legacy financial charges in order to move forward for the benefit of its shareholders The Commission’s decision to waive the fine and interest completes the settlement of all known material legacy debts against the Company, including the previously announced settlement and release of $6.9 million in outstanding notes payable to Berkshire Capital Management Co. and various legacy third-party lenders. »
The company continues its due diligence and discussions regarding the potential license agreement with Puri Blood, as well as other acquisition opportunities. Additionally, the company is in the process of engaging an audit firm PCAOB to perform a two-year audit of the company as part of an effort to file a registration statement with the SEC. Mr. Mailander further commented “with the company’s fiscal year end on June 30 approaching next week, I am more optimistic than ever that the company is ready to do great things with the foundation we have achieved. to build.
About Plandai, Inc.
Plandai Biotechnology, Inc., a Nevada corporation, is a publicly traded shell company seeking to create value for its shareholders by merging with another entity with experienced management and growth opportunities.
FORWARD-LOOKING STATEMENTS: This release contains “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may also be included in other publicly available documents issued by the Company. and in oral statements made by our officers and representatives from time to time. These forward-looking statements are intended to provide management’s current expectations or plans regarding our future operating and financial performance, based on assumptions currently believed to be valid. They can be identified by the use of words such as “anticipate”, “intend”, “plan”, “aim”, “seek”,
“believe”, “project”, “estimate”, “expect”, “strategy”, “future”, “probable”, “may”, “should”, “would”, “might”, “will” and other words of similar meaning when discussing future operating or financial performance. Examples of forward-looking statements include, but are not limited to, statements relating to future sales, earnings, cash flow, results of operations, cash usage and other measures of financial performance.
Because forward-looking statements relate to the future, they are subject to inherent risks, uncertainties and other factors that may cause the actual results and financial condition of the Company to differ materially from those expressed or implied. referred to in forward-looking statements. These risks, uncertainties and other factors include, among others, such as, but not limited to; economic conditions, changes in laws or regulations, demand for the company’s products and services, the effects of competition, uncontrollable forces of nature and other factors which could cause actual results to differ materially from those projected or represented in the forward-looking statements.
Any forward-looking information provided in this press release should be considered in light of these factors. We assume no obligation to update any forward-looking statements contained in this report.
For more details regarding this SEC civil action, please see: https://www.otcmarkets.com/stock/PLPL/news/SEC-Litigation-Release?id=207571
For more details regarding the settlement with Berkshire Capital Management Company, please see:
For further details regarding the Company’s settlement of unpaid third party debts, please see:
Tad Mailander [email protected]
THE SOURCE: Plandai Biotechnology
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